# Phase 13: Reconciliation Summary

## Question: Do Phase 12 findings contradict earlier papers?

### Test 1: Trade vs Income Channel

| Finding | Source | Z₁ | p |
|---|---|---|---|
| Non-S-I (base) | Full panel | 374.3 | 0.0000 |
| Income (base) | Full panel | 4.0 | 0.2820 |
| Trade (base) | Full panel | -105.7 | 0.0000 |
| Trade Z₁×EMU | Interaction | -191.5 | 0.0006 |
| Income Z₁×EMU | Interaction | 9.5 | 0.6424 |

### Test 2: S vs I Margin

| Finding | Source | Z₁ | p |
|---|---|---|---|
| Savings (base) | Full panel | -277.6 | 0.0000 |
| Investment (base) | Full panel | 158.6 | 0.0000 |
| Investment Z₁×EMU | Interaction | -58.4 | 0.1612 |
| Savings Z₁×EMU | Interaction | 80.1 | 0.1559 |
